Current position:
Principal at Cornerstone Research
Bio Highlights:
- Deputy Chief Economist of the U.S. Securities and Exchange Commission (2008-2010)
- Assistant Chief Economist of the U.S. Securities and Exchange Commission (2004-2008)
- Visiting Academic Scholar of the U.S. Securities and Exchange Commission (2002-2004)
- Assistant Professor in the Department of Banking and Finance at the Terry College of Business, University of Georgia (2000-2004)
- University of California, Berkeley, Ph.D.
Position Paper, select quote:Dr. Mayhew’s Position Paper
“The strategy implemented by Dr. Chen in the electricity UTC contract is an example of a simple spread strategy, in which a trader takes offsetting positions in two closely related contracts, attempting to obtain a benefit while taking on limited market risk. As such, Dr. Chen’s strategy is typical of a broad family of trading strategies in stock, commodity, and derivative security markets. Regulators in securities and commodities markets do not view spread trading as deceptive or manipulative. Dr. Chen’s strategy, if implemented in a market regulated by the SEC, would not be considered fraudulent or deceptive.”